A blockchain is, fundamentally, a consensus mechanism which decides which transactions are valid.
Proof of Stake is self-referential; the parties with value at stake have value because the blockchain says they do. It's a perpetual motion machine. When the shit hits the fan (say, a controversial fork) the people who thought they had control ("stake") will learn who really makes the decisions WRT which blockchain is canonical. That would be the exchanges, and what they agree on will rule no matter who stakes what.
The reason Proof of Work works is because someone has to pony up the compute power.
Proof of Stake is self-referential; the parties with value at stake have value because the blockchain says they do. It's a perpetual motion machine. When the shit hits the fan (say, a controversial fork) the people who thought they had control ("stake") will learn who really makes the decisions WRT which blockchain is canonical. That would be the exchanges, and what they agree on will rule no matter who stakes what.
The reason Proof of Work works is because someone has to pony up the compute power.
The emperor has no clothes. Sorry.